President Bola Tinubu has expressed satisfaction with Nigeria’s third-quarter GDP growth rate of 3.46%, which indicates the country is on track to becoming a $1tn economy by 2030.
The growth rate surpasses the 3.19% recorded in the second quarter and demonstrates the effectiveness of the administration’s economic reforms.
The National Bureau of Statistics reported that the top contributing sectors to GDP in Q3 2024 are Agriculture (28.65%), ICT (16.35%), Trade (14.78%), Manufacturing (8.21%), Crude Oil (5.57%), Finance & Insurance (5.51%), and Real Estate (5.43%). These sectors have been instrumental in driving economic growth and are expected to continue playing a vital role in achieving the $1tn economy target.
According to Mr. Sunday Dare, the President’s Special Adviser on Media and Public Communications, “The growth in GDP shows that President Tinubu’s quest for a more robust boost in the economy and, by extension, a better standard of living for all Nigerians is on course.” He added that the administration is committed to ensuring that the economy is rebased by early 2025 to capture its dynamism and record significant changes that have occurred in different sectors.
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President Tinubu emphasized that the 3.46% growth rate indicates Nigeria is recovering from the reforms’ unintended effects. He assured Nigerians that his administration has not and will never forget his promise of a $1tn economy by 2030. Tinubu also noted that the proposed tax reforms aim to reduce the tax burden on small businesses and spread prosperity to the poor.
While welcoming the third-quarter GDP growth figure, Tinubu acknowledged that much work still needs to be done. He assured Nigerians that his administration remains committed to the welfare of the people and will not rest until they feel the positive impacts of economic growth in their daily lives.
The President’s confidence in reaching the $1tn economy target is based on the consistent average annual GDP growth rate of seven percent